The document discusses the meaning and concepts of entrepreneurship. It defines entrepreneurship as the process of creating new ventures by exploiting opportunities through resource pulling, risk taking, innovating, and managing for rewards. Key aspects include identifying opportunities, investing resources, assuming risks, and reaping rewards. Entrepreneurship involves starting something new and coordinating various resources despite uncertainty. The document contrasts entrepreneurs with salaried employees and intrapreneurs, and examines the qualifications, environmental factors, advantages, and disadvantages of each.
Entrepreneurs are Human Beings like us.
But the do have certain personal traits which make them stick to the business and succeed.
Many researchers & observers have found some special characteristics that are usually present in an Entrepreneur.
There is no such thing as a typical entrepreneur. Some entrepreneurs are quiet and hard-working, while others are more outgoing and flamboyant. The key to being a successful entrepreneur lies in the ability to take an idea and then, through the process of innovation, develop it in such a way that it becomes a marketable product or service.
A country with many successful entrepreneurs is
considered as most successful country in terms
of economy.
Because the entrepreneurs play a vital role in the
economic development of a country such as
generate employment, increase production,
increase innovation, and so on.
But do we understand the meaning of
entrepreneurship. In this session we will learn
about the theory and concepts of
entrepreneurship
Unit 1- Introduction to Entrepreneurship (BOCS,BOET-505D).pdfShikhaAeron2
Course Content:
Unit I: Introduction to Entrepreneurship: Entrepreneurs; entrepreneurial personality and intentions, characteristics, traits and behavioral; entrepreneurial challenges.
Entrepreneurs are Human Beings like us.
But the do have certain personal traits which make them stick to the business and succeed.
Many researchers & observers have found some special characteristics that are usually present in an Entrepreneur.
There is no such thing as a typical entrepreneur. Some entrepreneurs are quiet and hard-working, while others are more outgoing and flamboyant. The key to being a successful entrepreneur lies in the ability to take an idea and then, through the process of innovation, develop it in such a way that it becomes a marketable product or service.
A country with many successful entrepreneurs is
considered as most successful country in terms
of economy.
Because the entrepreneurs play a vital role in the
economic development of a country such as
generate employment, increase production,
increase innovation, and so on.
But do we understand the meaning of
entrepreneurship. In this session we will learn
about the theory and concepts of
entrepreneurship
Unit 1- Introduction to Entrepreneurship (BOCS,BOET-505D).pdfShikhaAeron2
Course Content:
Unit I: Introduction to Entrepreneurship: Entrepreneurs; entrepreneurial personality and intentions, characteristics, traits and behavioral; entrepreneurial challenges.
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According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
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This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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2. Meaning of Entrepreneurship
• Entrepreneurship is the process of creating
new ventures. It begins with an innovative
idea.
• It identifies opportunities and mobilizes and
invests resources to exploit those
opportunities.
• It involves innovation and assumes risk to reap
rewards.
• It creates employment for self and others. It is
key to the success of small business.
3. Meaning of Entrepreneurship
• According to Joseph Schumpter:
“Entrepreneurship is based on purposeful and
systematic innovation…it essentially consists in
doing things that are not generally done in the
ordinary course of business routine.”
• According to Peter Drucker:
“Entrepreneurship is gathering and using
resources to produce results…it is allocating
resources to opportunities rather than to
problems.”
4. Meaning of Entrepreneurship
• For our purpose:
“Entrepreneurship is the process of exploiting
opportunities by creating new venture
through resource pulling, risk taking,
innovating and managing for rewards.”
5. Elements of entrepreneurial process
• Creation of new ventures
• Devotion of time and effort
– Invention versus innovation
• Assumption of risks
– Financial risk
– Psychological risk
– Career risk
– Social risk
• Reaping of rewards
6. Meaning of Entrepreneur
• For our purpose:
“An entrepreneur is a visionary individual who
takes risks by starting something new through
assembling and coordinating various
resources for the sake of uncertain rewards.”
7. Relationship between entrepreneur
and entrepreneurship
• Entrepreneur is a noun whereas
entrepreneurship is a verb
• Creator/Creation
• Visionary/Vision
8. Meaning of intrapreneur
• Intrapreneur refers to corporate entrepreneur.
• It is a person within large organization who
handles new ventures based on innovation.
• He/she emerges from within an existing
organization structure.
• They should be creative, visionary and flexible.
They must be able to work within the existing
corporate structure and climate.
• Top management commitment to
intrapreneurship is a must.
10. Intrapreneurship
• It has been adopted by many firms as a
strategy for innovation and growth. This
strategy taps entrepreneurial abilities of
individuals within the corporate framework.
13. Salaried Employees
• Entrepreneur creates jobs for salaried
employees.
• A salaried employee serves an existing
business for the sake of fixed rewards. He/she
implements decisions made by the owners.
• They are servants.
• A salaried employee does not invest his/her
own money.
14. Salaried Employees
• They do not bear risks and innovate. They
translate ideas into practice and have a high
concern about their status.
• The number of salaried employees varies
according to the business.
• The tenure of service is fixed according to age
or years of service.
• They possess skills and practical experience.
15. Differences between entrepreneur and
salaried employee
• Motive and reward
• Work place
• Status
• Risks
• Innovation and change
• Tenure
• Qualifications
16. Advantages of salaried employees
• Selection choice
• Development
• Fixed financial liability
• Productivity
• Ease in hiring/firing
17. Disadvantages of salaried employees
• Poor commitment
• Unionism
• Politicization
• Low self-motivation
• Lack of independence
18. Positive aspects of entrepreneurship
• Capital formation
• Employment creation
• Increased productivity
• Balanced development
• Equitable distribution
• Export promotion
• Industrialization
• Opportunities for entrepreneur
19. Negative aspects
• Risk of failure
• Lack of professional management
• Changing government policies
• Low mobility
• Emotional stress
